Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true6falseNo description of principal activity6true 01530833 2022-04-01 2023-03-31 01530833 2021-04-01 2022-03-31 01530833 2023-03-31 01530833 2022-03-31 01530833 c:Director1 2022-04-01 2023-03-31 01530833 d:PlantMachinery 2022-04-01 2023-03-31 01530833 d:PlantMachinery 2023-03-31 01530833 d:PlantMachinery 2022-03-31 01530833 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01530833 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 01530833 d:MotorVehicles 2022-04-01 2023-03-31 01530833 d:MotorVehicles 2023-03-31 01530833 d:MotorVehicles 2022-03-31 01530833 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 01530833 d:FurnitureFittings 2022-04-01 2023-03-31 01530833 d:FurnitureFittings 2023-03-31 01530833 d:FurnitureFittings 2022-03-31 01530833 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01530833 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 01530833 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 01530833 d:OtherPropertyPlantEquipment 2023-03-31 01530833 d:OtherPropertyPlantEquipment 2022-03-31 01530833 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 01530833 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01530833 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 01530833 d:CurrentFinancialInstruments 2023-03-31 01530833 d:CurrentFinancialInstruments 2022-03-31 01530833 d:Non-currentFinancialInstruments 2023-03-31 01530833 d:Non-currentFinancialInstruments 2022-03-31 01530833 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01530833 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01530833 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01530833 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 01530833 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 01530833 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 01530833 d:ShareCapital 2023-03-31 01530833 d:ShareCapital 2022-03-31 01530833 d:SharePremium 2023-03-31 01530833 d:SharePremium 2022-03-31 01530833 d:CapitalRedemptionReserve 2023-03-31 01530833 d:CapitalRedemptionReserve 2022-03-31 01530833 d:RetainedEarningsAccumulatedLosses 2023-03-31 01530833 d:RetainedEarningsAccumulatedLosses 2022-03-31 01530833 c:FRS102 2022-04-01 2023-03-31 01530833 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 01530833 c:FullAccounts 2022-04-01 2023-03-31 01530833 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01530833 d:WithinOneYear 2023-03-31 01530833 d:WithinOneYear 2022-03-31 01530833 d:BetweenOneFiveYears 2023-03-31 01530833 d:BetweenOneFiveYears 2022-03-31 01530833 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 01530833 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 01530833 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 01530833 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 01530833 2 2022-04-01 2023-03-31 01530833 6 2022-04-01 2023-03-31 01530833 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01530833 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-03-31 01530833 d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 01530833









HYDE SAILS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
HYDE SAILS LIMITED
REGISTERED NUMBER: 01530833

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
As restated
2023
2023
2022
2022
Note
$
$
$
$

Fixed assets
  

Tangible assets
 4 
825,884
906,552

Investments
 5 
70,157
70,157

  
896,041
976,709

Current assets
  

Stocks
  
1,571,678
1,219,870

Debtors: amounts falling due within one year
 6 
1,590,782
1,660,927

Cash at bank and in hand
 7 
235,231
344,273

  
3,397,691
3,225,070

Creditors: amounts falling due within one year
 8 
(2,864,894)
(2,636,285)

Net current assets
  
 
 
532,797
 
 
588,785

Total assets less current liabilities
  
1,428,838
1,565,494

Creditors: amounts falling due after more than one year
 9 
(392,361)
(576,878)

Provisions for liabilities
  

Deferred tax
 12 
(120,495)
(97,178)

  
 
 
(120,495)
 
 
(97,178)

Net assets
  
915,982
891,438


Capital and reserves
  

Called up share capital 
  
317,107
317,107

Share premium account
  
37,885
37,885

Capital redemption reserve
  
56,125
56,125

Profit and loss account
  
504,865
480,321

  
915,982
891,438


Page 1

 
HYDE SAILS LIMITED
REGISTERED NUMBER: 01530833
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




N Grogan
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hyde Sails Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01530833. The address of the registered office is Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
straight line
Motor vehicles
-
30%
reducing balance
Fixtures & fittings
-
20%
straight line
Company boats
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 7

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 8

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Furniture, fittings and equipment
Company boats
Total

$
$
$
$
$



Cost or valuation


At 1 April 2022
83,071
139,719
18,161
1,128,112
1,369,063


Additions
-
35,217
1,099
10,823
47,139


Disposals
-
(43,745)
-
-
(43,745)



At 31 March 2023

83,071
131,191
19,260
1,138,935
1,372,457



Depreciation


At 1 April 2022
54,766
74,059
15,012
318,674
462,511


Charge for the year on owned assets
10,292
7,448
1,455
26,198
45,393


Charge for the year on financed assets
-
14,792
-
52,617
67,409


Disposals
-
(28,740)
-
-
(28,740)



At 31 March 2023

65,058
67,559
16,467
397,489
546,573



Net book value



At 31 March 2023
18,013
63,632
2,793
741,446
825,884



At 31 March 2022
28,304
65,660
3,149
809,439
906,552

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
$
$



Motor vehicles
34,515
65,660

Company boats
613,869
797,280

648,384
862,940

Page 9

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2022
70,157



At 31 March 2023
70,157





6.


Debtors

2023
2022
$
$


Trade debtors
1,108,638
1,284,911

Amounts owed by group undertakings
140,383
140,383

Other debtors
341,761
235,633

1,590,782
1,660,927



7.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
235,231
344,273

235,231
344,273


Page 10

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
$
$

Bank loans
81,516
86,664

Trade creditors
1,144,968
1,239,427

Amounts owed to group undertakings
1,086,926
690,719

Corporation tax
9,461
-

Other taxation and social security
441,801
492,423

Obligations under finance lease and hire purchase contracts
68,734
89,544

Other creditors
1,360
808

Accruals and deferred income
30,128
36,700

2,864,894
2,636,285



9.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Bank loans
196,997
296,102

Net obligations under finance leases and hire purchase contracts
195,364
280,776

392,361
576,878


The following liabilities were secured:

2023
2022
$
$



Net obligations under finance leases and hire purchase contracts
264,097
343,845

Bank loans
278,513
361,951

542,610
705,796

Details of security provided:

The finance lease/hire purchase balances are secured against the assets for which they were used to acquire. 
The bank loan is secured by a fixed and floating charge over the assets of the Company. 

Page 11

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
$
$

Amounts falling due within one year

Bank loans
81,516
86,664


81,516
86,664



Amounts falling due after more than 5 years

Bank loans
196,997
296,102

196,997
296,102

278,513
382,766



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
$
$


Within one year
68,734
63,069

Between 1-5 years
195,364
280,776

264,098
343,845


12.


Deferred taxation




2023


$






At beginning of year
(97,178)


Movement in deferred Tax
(23,317)



At end of year
(120,495)

Page 12

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
$
$


Accelerated capital allowances
(120,495)
(97,178)

(120,495)
(97,178)


13.


Prior year adjustment

A prior year adjustment has been incorporated into these accounts. It was discovered during the year that an amount of purchase invoices totalling $276,446 had not been entered onto the accounting software. There was an associated reduction in corporation of $43,079. The impact on this on the accounts is that the opening reserves as at 1 April 2021 and 1 April 2022 have been reduced by $233,367.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to $6,987 (2022 - $7,681). Contributions totalling $1,360 (2022 - $808) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
$
$


Not later than 1 year
15,190
15,413

Later than 1 year and not later than 5 years
13,004
3,423

28,194
18,836

Page 13

 
HYDE SAILS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Related party transactions

Key management personnel compensation during the year totalled $5,659.53 (2022: $5,816.07)
At the year end the following amounts were due (to)/from related parties:


2023
2022
$
$

Entities with control, joint control or significant influence over the entity
140,383
140,383
Entities over which the entity has control, joint control or significant influence
(1,086,826)
(780,776)
Key management personnel
308,058
196,199


17.


Controlling party

The immediate parent undertaking is Hyde Holdings Limited , a company incorporated in England and Wales.

 
Page 14